Bitcoin (BTC) Price Analysis for September 4

Share


Fiverr

Denys Serhiichuk

Does Bitcoin (BTC) have chance to rise above $20,000 next week?

The last day of the week is likely to be bullish for the cryptocurrency market as most of the coins are going up.

Top coins by CoinMarketCap

BTC/USD

Even though most of the coins are in the green zone, the rate of Bitcoin (BTC) has declined by 1.21% over the last week.

BTC/USD chart by TradingView

Bitcoin (BTC) is trading near the local resistance level at $19,832 against the low volume. If buyers can hold the initiative until the end of the day, there is a chance to see a breakout.

However, one should also pay attention to the CME gap at the $19,775 mark.

BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has made a false breakout of yesterday’s low at $19,667. If the decline stops, one can expect a slight upward move to the vital zone of around $20,000 next week.

BTC/USD chart by TradingView

On the bigger chart, the situation is worse as Bitcoin (BTC) is trading below $20,000. If a breakout of the nearest support level at $19,526 happens and the candle closes below it, the next area where buyers can try again to seize the initiative is the zone around $18,900.

Bitcoin is trading at $19,776 at press time.



Source link

Bybit